Petredis Investment Advisors LLC Purchases 234 Shares of AbbVie Inc. $ABBV

Petredis Investment Advisors LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 1.1% during the second quarter, HoldingsChannel.com reports. The firm owned 22,099 shares of the company’s stock after acquiring an additional 234 shares during the quarter. Petredis Investment Advisors LLC’s holdings in AbbVie were worth $4,102,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. FF Advisors LLC raised its position in AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after buying an additional 53 shares during the last quarter. Private Management Group Inc. raised its position in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after buying an additional 54 shares during the last quarter. Silicon Valley Capital Partners raised its position in AbbVie by 10.8% in the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after buying an additional 56 shares during the last quarter. Seneca House Advisors raised its position in AbbVie by 2.7% in the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after buying an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC raised its position in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock worth $361,000 after buying an additional 57 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.1%

ABBV stock opened at $222.29 on Friday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $223.49. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53. The business has a 50 day simple moving average of $203.12 and a two-hundred day simple moving average of $194.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ABBV shares. Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Morgan Stanley boosted their target price on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the stock from $170.00 to $270.00 in a research report on Wednesday. Finally, Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.68.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.